How does this work??

Viewing 3 posts - 1 through 3 (of 3 total)

brindabella
Participant
@brindabella
Join Date: 2005
Post Count: 11
February 10, 2005 - 2:20 am
My wife and I are considering using our own home to rent..we owe $180,000 with the house being worth approx $300,000.
Our aim is to refinance the $180,000 outstanding and rent the house ou for approx $300 weekly and at the same time, use the equity (approx $120,000) to purchase a larger home for ourselves to live in. (we have lived here for 14years with 2 kids and need more room etc…).
We want to have an independant valuation completed on our home to ascertain the TRUE “value” before approaching any banks. Is this the correct course of action so WE know exactly what our home is worth both for refinancing and for equity purposes.
Can anyone offer meaningful advise.
warm regards
Boris&Elizabeth
“always have a plan B”..
“Always have a plan B”
BB
Alistair Perry
Participant
@aperry
Join Date: 2004
Post Count: 891
February 10, 2005 - 2:29 am
Hi Boris & Elizabeth,
Before you get your property valued, you should decide which lender you plan on going with, as you will need to get a valuer who is on their panel. Also, not all lenders will except the valuation as they like to do their own.
You should speak with a broker about this.
Regards
Alistair
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
February 10, 2005 - 5:17 am
I owuld just go through the lender to get the valuation. No need to double up, and it would save you about $300.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email me
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au